Murrey Math Lines 24.01.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are approaching the overbought area on H4. The RSI has rebounded from the support level. In this situation, the price is expected to test the 8/8 (150.00) level, rebound from it, and decline to the support at 6/8 (146.87). The scenario could be cancelled by rising above the resistance at 8/8 (150.00). In this case, the pair might continue its upward movement, reaching +1/8 (151.56).
On M15, after a rebound from 8/8 (150.00) on H4, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance line. In this situation, the quotes are expected to surpass the 5/8 (1.3488) level and climb to the resistance at 7/8 (1.3610). The scenario could be cancelled by a downward breakout of the 4/8 (1.3427) level, which might lead to a trend reversal, sending the pair down to the support at 2/8 (1.3305).
On M15, the upper boundary of the VoltyChannel is broken, increasing the probability of a further price rise.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.